One of the world's top boatbuilding companies, King Marine built the current leader of the Volvo Ocean Race, Telefonica.

An announcement on the King Marine reads

In early December, King Marine relocated a portion of its work force to the Artemis Racing operations base, near Gothenburg, Sweden, to begin the construction of the team's AC72 catamaran designed by Juan Kouyoumidjian. Artemis Racing, Challenger of Record for the 34th America's Cup, represents the Royal Swedish Yacht Club / Kungliga Svenska Segel Sällskapet (KSSS).

Team Telefonica, skippered by Iker Martinez from Spain during the V&A Waterfront In-Port Race in Cape Town, South Africa. (Credit must read: Marc Bow/Volvo Ocean Race)

We arrived a week ago from Sweden to check on the operations, test the new oven, coordinate logistics and explain the quality standards and storage system of King Marine to the local team of builders,' said Gabriel Mariani, CEO of King Marine.

A group of 50 specialists from King Marine & King Composite (led by Pablo Santarsiero and Guillermo Ponzinibbio respectively), together with strategic partners Sinergìa Racing Group, will build the AC72 in three different locations: Valencia, Cartagena and Sweden.

Everything is going according to schedule under the direction of Naval Architect James Muller who has worked with King Marine on the build of the TP52 Azzurra 2011 and the modification of Orma 60 for Artemis Racing.

Richard Gillies, Build Manager for Artemis Racing, 'will control our work as builders, contribute ideas and solutions as well as share his invaluable experience with us.'

Richard has a career as long as the composite life itself. He ventured before anyone into CNC mould building so it’s great to have him on our side.

'The action gets underway, but promises to be exciting from the technical and logistical point of view ' assures Gabriel Mariani. 'I am grateful to Artemis Racing for trusting us to take on this project, enthusiastic to build once again a JYD design and glad to have a team that gives me peace of mind about their commitment and quality.'

Under the Protocol for the 34th America's Cup, and the 19th century Deed of Gift governing the event, the competing yachts must be built in the country of origin of the competing yacht's club. The International Jury, for the 34th America's Cup has interpreted this to mean that the tooling for the boats can be constructed outside the country of origin, and it is the hulls themselves only that must be built in Sweden, in the case of Artemis Racing.

Other parts of the yacht can be built elsewhere, including the wingsail, and the yacht can also be assembled outside the country of origin. In the case of Artemis Racing, the report says their boat is being constructed in three locations in two countries.

King Marine was established in 2007 in Valencia, Spain and built the Spanish challenger 'Desafío Español 2007' for the 32nd America's Cup, sailed in Valencia and they built two boats for the team, which made the semifinal of the 2007 Louis Vuitton Cup. It has since built a number of successful grand prix racing yachts.

The soonest an AC72 can be launched is July 2012. As cost reduction measure of the current edition of the America's Cup Protocol, they can be sailed for just 30 days in 2012. At least four other teams, of the ten entered in the America's Cup World Series, are expected to build AC72 yachts for the America's Cup Regatta, and most if not all are expected to build the maximum two each.